Erdogan warns US of harming its own interests, security

12 August, 2018, 16:16 | Author: Billie Castillo
  • Lira crashes as US slaps tariffs on Turkey

To understand how all of these pieces fit together, we'll start with some basic facts about trade between the United States and Turkey.

In Rize, Erdogan said the U.S. would pay a price by challenging Turkey for the sake of "petty calculations", denouncing Washington for declaring "economic war on the entire world" and holding countries "for ransom through sanction threats".

On Saturday, Turkish president Recep Tayyip Erdogan warned the United States that it could lose a "strategic partner", declaring a rally: "We only bow before God".

It has lost 40 percent of its value so far in 2018, and reached record lows following Trump's tweet.

Economic experts believe the sharp fall of the lira is mainly because of concerns about the government's economic policies. The currency has fallen 66 per cent since the start of the year, pushing up the cost of goods for Turkish people and shaking global investors' confidence in the country.

Turkish President Recep Tayyip Erdoğan struck a defiant note in a series of Twitter messages shortly before Trump's announcement.

The two leaders agreed that they were pleased with the positive direction in their economic and trade ties, a source in Erdogan's office told CNBC.

The president's characteristic defiance in the face of a shaky economy has further unnerved investors.

Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth.

Erdogan has blamed outside forces for trying to bring down Turkey's economy. "Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future", he said.

Image Turkish President Recep Tayyip Erdogan in Bayburt
Tayyip Erdogan called on Turks to convert currency and gold into

What's happening to Turkey's currency right now?

"Trump is also declaring that, "Our relations with Turkey are not good at this time!".

North Atlantic Treaty Organisation aligned with Turkey after the Soviet Union, under the leadership of Joseph Stalin, demanded from the latter several provinces in the northeast of the country free use of the Bosphorus and Dardanelles straits.

Ankara blames for an attempted coup in 2016.

Turkey has accused Andrew Craig Brunson of spying and "committing crimes on behalf of terror groups without being a member".

The two sides seemed to have failed to resolve the deadlock though bilateral talks in Washington earlier this week during the visit of a Turkish delegation headed by Deputy Foreign Minister Sedat Onal and made up of officials from Turkey's justice, finance and foreign ministries.

"Aksoy says Turkey "always backs the resolution of issues through diplomacy, dialogue, goodwill and mutual understanding", but would retaliate for Trump's decision". He added that the country will continue to enjoy good economic relations with several major nations.

He also said increasing production, exports and employment was the best response to the country's challenges.

Erdogan had on Friday held a phone call with Russian President Vladimir Putin to discuss economic and trade issues as well as the Syria crisis.

Turkey is home to the Incirlik air base which is used by USA forces in the Middle East, it host to a Key part of the Western alliance's missile defense system again Iran. Mario Ritter was the editor. "You unjustly put pastors in prison, cut deals with military rivals, and we will treat you accordingly".

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